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At Least 3-Month Supply Of Downtown Fort Lauderdale And Beach Rental Properties Listed For Lease At Start Of Winter Buying Season

Tenants Leased Nearly 1,875 Residential Rentals In Downtown Fort Lauderdale And Beach Market In First Nine Months Of 2019

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(This Report Is Powered By Brickell Ventures LP)

DOWNTOWN MIAMI (Dec. 6, 2019) - More than 625 residential rental properties are formally listed for lease in the Downtown Fort Lauderdale and Beach market in the South Florida county of Broward, according to a new report from Condo Vultures® Realty LLC.

Based on completed leases of about 208 residential properties monthly in the first nine months of 2019, the Downtown Fort Lauderdale and Beach market now has about a three-month supply of rentals - apartments, condos, efficiencies, multifamily and townhouses - available in the tricounty South Florida region of Miami-Dade, Broward and Palm Beach at the start of the Winter Buying Season, according to the report based on data from the Southeast Florida MLS Matrix. 

A balanced market is generally considered to have about six months of supply. More months of supply listed for lease suggests a tenant’s advantage and less months typically indicates a landlord’s advantage in the market. 

It is worth noting that about 192 rental properties are currently under contract - or pending - and waiting to transact at a median monthly asking price of $1,800 per unit or $2.00 per square foot in the Downtown Fort Lauderdale and Beach area.

The median asking price of a Downtown Fort Lauderdale and Beach area residential rental property currently listed for lease is about $2,025 per property monthly. This works out to a median asking price of $2.04 per square foot monthly, according to the data compiled by CondoVulturesRealty.com

In the first nine months of 2019, the median transaction price of a Downtown Fort Lauderdale and Beach area residential rental property was about $1,650 or about $1.91 per square foot monthly, according to the data. 

This means the current asking price of a Downtown Fort Lauderdale and Beach area residential rental property listed for lease is nearly 23 percent higher than the median transaction price achieved on a monthly per-property basis and nearly seven percent higher than the median transaction price achieved on a monthly per-square-foot basis between January and September of this year. 

In the first three quarters of 2019, a landlord needed 42 days - on a median basis - to lease a Downtown Fort Lauderdale and Beach residential rental. The current median Days-On-The-Market rate for a Downtown Fort Lauderdale and Beach residential rental property listed for lease is about 49, according to the statistics. 

The number of Days-On-The-Market for the residential rental properties currently under contract is about 39 in the Downtown Fort Lauderdale and Beach area, according to the statistics.

CondoVulturesRealty.com is a licensed Florida brokerage that specializes in assisting buyers and tenants in value-oriented acquisitions of condos in the tricounty region of Miami-Dade, Broward and Palm Beach.

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